PSPF Finance and Administration Director, Yahya Allya, delivers his speech at a workshop on resources, progress and development of the PSPF yesterday in Dar es Salaam.
BY GADIOSA LAMTEY
Following an increase in its total assets to 1.31trn/- from 1.25trn/- in 2012/13, the Public Service Pensions Fund (PSPF) plans to invest over 700bn/- in various projects this year.
This is despite pension payments for retired public servants having increased from 543.7bn/- in 2012/13 to 682.4bn/- this year, according to the PSPF General Director, Adam Mayingu.
Opening a one-day seminar in Dar es Salaam yesterday, he said the PSPF pays a total of 35bn/- to pensioners every three months. The seminar on the new formula for calculation of benefits brought together staff from local authorities in Coast and Dar es Salaam regions.
Mayingu said the PSPF also intends to provide better services to its clients and become the best in the country in providing quality products to members. He said this year it would focus on construction of buildings, loans and the government.
He said: “We have a number of investments in the country on which we invest according to directives of the Social Services Regulatory Authority (SSRA). These allow us to spend only 20 percent of members’ contributions on investment. So our members should not worry as their money is safe,” he added.
The seminar was officially opened by the Director of Culture in the Ministry of Information, Youth, Culture and Sports, Prof Hermans Mwansoko. He said it was important for PSPF members to know the new formula and calculation of benefits.
He said the PSPF has continued to increase its members from 320,860 in 2012/13 to 340,509. He advised it to continue being creative by introducing new products so as to compete with other social fund institutions.
Prof Mwasoka said through the seminar members will get time to ask questions on the new formula so that can discard any doubts they had. “I call upon you to listen carefully in order to know the new formula’s benefits instead of hearing them from other people,” he told participants.
He said the new formula aims at increasing the income of retirees and make their life easy. As such it was better for members to be patient and listen, he said. He added that the PSPF planned to provide that education countrywide so that its members can understand the formula.
SOURCE: THE GUARDIAN
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